H.4.1 Factors Affecting Reserve Balances of Depository Institutions

vi^'e/; FEDERAL RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks H.4.1 For immediate release May 3, 1973 The average of daily figures for total reserves of member banks increased slightly in the latest statement week $32,474 million. Required reserves and member bank borrowings at Federal Reserve Banks increased while excess reserves declined. A decline in float and an increase in Treasury deposits with Federal Re serve Banks were the major factors absorbing reserves in the latest statement week. A decline in currency in circulation partially offset this reserve drain. In addition, System Open Market Operations provided $467 million reserves net, on a weekly average basis through outright purchases of Treasury bills and repurchase agreement. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, May 2, * Apri1 25, May 3, May 2, * and related items 1973 1973 1972 1973 Reserve Bank credit: (IrI millions of dollars) U.S. Government securities-- Bought outright—System account 74,564 + 929 +4,206 .1/ 74,634 Held under repurchase agreements 294 - 356 + 294 ! 501 Federal Agency obligations-- Bought outright 1,266 - 6 + 287 1,256 Held under repurchase agreements 25 - 72 + 25 ! 73 Acceptances — Bought outright 83 + 1 -_ 87 Held under repurchase agreements 26 - 29 + 26 ! 57 Loans-- Total member bank borrowing 1,874 + 228 +1,757 818 Includes seasonal borrowing of: 16 + 7 + 16 19 Other borrowing Float 2,140 - 723 - 856 3,082 Other F.R. assets 1,119 - 20 + 25 1,169 Total Reserve Bank credit 81,391 - 47 +5,764 81,677 Gold stock 10,410 -- + 822 10,410 Special Drawing Rights certif. acct. 400 -- — 400 Treasury currency outstanding 8,461 + 13 + 507 8,462 100,662 - 35 +7,093 100,949 Currency in circulation 66,132 - 164 +5,464 66,358 Treasury cash holdings 419 + 3 + 16 428 Treasury deposits with F.R. Banks 4,084 + 443 +1,994 4,414 Foreign deposits with F.R. Banks 313 + 55 + 122 342 Other deposits with F.R. Banks 659 - 4 + 56 659 Other F.R. liabilities and capital 2,703 + 79 + 347 2,754 74,309 + 410 +7,998 74,955 Member bank reserves: With Federal Reserve Banks 26,353 _ 446 -• 906 25,994 Currency and coin 5.949 + JtM. + 368 ^242. Total reserves held 2/ 32,474 + 22 - 366 32,115 Required reserves 32,273 + 209 - 431 32,273 Excess reserves 2/ 201 187 65 158 NOTE: A net of $202 million of surplus reserves were eligible to be carried forward from the week ended April 25, into the week ending May 2. On May 2, 1973, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $30,384 million, a decrease of $466 million for the week. JL/ Includes $78 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 27 Adjusted to include $172 million of certain reserve deficiencies on which penalties can be waived for a transition period in connection with bank adaptation to Regulation J as amended effective November 9, 1972. The adjustment amounted to $450 million from November 9, through December 27, $279 million from December 28, through March 28, 1973. * Estimated (Philadelphia District). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday Change since May*2, April 25, May 3, 1973 973 1972 • A S S E TS Gold certificate account 10,303 + 828 Special Drawing Rights certif. accts. * 400 -- — Can h (1,028) 312 - 8 16 LOc: IS 818 - 703 + 350 Acceptances--Bought outright 87 + 5 + 2 Held under repurchase agreements 57 + 26 + 57 Federal Agency obligations—Bought outright 1,256 - 16 + 277 Held under repurchase agreements 73 - 22 + 73 U. S. Government securities: Bought outright--Bills 34,087 +1,192 +3,593 Certificates Notes 36,976 . -- + 528 Bonds 3,571 -- + 31 Total bought outright 1/ 74,634 +1 ,192 +4,152 Held under repurchase agreements 501 - 83 + 501 Total U.S. Government securities 75,135 +1 ,109 +4,653 Total loans and securities 77,426 + 399 +5,412 Cash items in process of collection (2,020) 9,457 + 368 -2,631 Bank premises 199 -- + 37 Other assets 2j 970 + 35 2 TOTAL ASSETS (3,048) 99,067 + 794 +3,628 t l A B I L I T I iS Federal Reserve notes (1,028) 58,529 + 6 +4,941 Deposits: Member bank—reserves account 25,914 - 291 -1,359 U. S. Treasurer—general account 4,414 + 718 +1,727 Foreign 342 + 102 + 206 Other 659 - 23 + 99 Total deposits 31,329 + 506 + 673 Deferred availability cash items (2,020) 6,455 + 160 -2,353 Other liabilities and accrued dividends 772 + 43 + 206 TOTAL LIABILITIES (3,048) 97,085 + 715 +3,467 C A P I T AL A C C O U N TS Capital paid in 814 1 + 51 Surplus 793 -- + 51 Other capital accounts 375 1- 78 + 59 Contingent liability on acceptances purchased for foreign correspondents 344 - 7 + 80 Figures in parentheses are the eliminations made in the consolidating process. 1/ Includes $78 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. y Includes assets denominated in foreign currencies. Estimated (Philadelphia District). k-k MATURITY DISTRIBUTION OF LOANS AND SECURITIES, MAY 2. 1973. (Acceptances and securities held under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements.) Accept U. S. Government Federal Agency -ances securities obligations Loans Holdings Weekly Holdings Weekly changes Changes Within 15 days 800 71 10,485 +5,201 73 -38 16 days to 90 days 18 73 17,244 -4,262 42 91 days to 1 year 13,531 + 170 231 Over 1 year to 5 years 28,148 -- 545 Over 5 years to 10 years 4,138 -- 247 Over 10 years 1,589 — 191 Total 818 144 75,135 +1,109 1,329 -38 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.Ub) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 2, 1973 Phila Cleve Rich St. Minne Kansas San Total ! Boston Atlanta Chicago Dallas delphia land mond Louis apolis City Francisco 1 York (In millions of dollars) A S S E TS Gold certificate account 10,303 602 2,848 403 663 1,001 338 1,886 281 228 605 285 1,163 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 1,028 124 214 30 56 86 210 59 24 17 29 49 130 Other cash 312 16 23 6 36 35 40 37 23 5 42 11 38 Loans 818 33 214 45 43 36 132 107 46 6 70 80 6 Acceptances: Bought outright 87 -- 87 — -- — -- -- -- -- -- -- -- Held under repurchase agreements 57 -- 57 -- -- -- .- -_ — — -- -- -- Federal Agency obligations-- Bought outright 1,256 59 323 69 93 88 69 202 49 27 51 57 169 Held under repurchase agreements 73 -- 73 -- -- -- -- -- -- -- -- -- -- U.S. Government securities: Bought outright-- Bills 34,087 1,598 8,766 1,866 2,519 2,388 1,873 5,488 1,320 750 1,386 1,545 4,588 Certificates: Other -- -- „- -- -- -- -- -- -- -- -- -- Notes 36,976 1,734 9,509 2,024 2,733 2,590 2,032 5,954 1,431 814 1,503 1,675 4,977 Bonds 3,571 167 919 195 264 250 196 575 138 79 145 162 481 Total bought outright 1/ 74,634 3,499 19,194 4,085 5,516 5,228 4,101 12,017 2,889 1,643 3,034 3,382 10,046 He 1d und er repurchase agr eement s 501 -- 501 -- -- -- -- -- ... -- -- -- -- Total U.S. Government secur itie s 75,135 3,499 1.9,695 4,085 5,516 5,228 4,101 12,017 2,889 1,643 3,034 3,382 10,046 Total loans and securities 77,426 3,591 20,449 4,199 5,652 5,352 4,302 12,326 2,984 1,676 3,155 3,519 10,221 Cash items in process of collection 11,477 403 1,722 746 595 1,162 1,206 1,773 505 447 788 636 1,49 4 Bank premises 199 32 7 5 27 14 15 16 14 32 17 12 8 Other assets 2/ 970 45 250 51 70 67 53 144 35 23 40 43 149 TOTAL ASSETS 102,115 4,836 25,606 5,463 7,132 7,753 6,186 16,311 3,881 2,435 4,691 4,569 13,25 2 1_/ Includes $78 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ Includes assets denominated in foreign currencies. * Estimated (Philadelphia District). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 2, 1973 New Phila* Cleve Rich St. Minne Kansas San Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Fran cisco (In millions of dollars0 L I A B I L I T I ES Federal Reserve notes 59,557 3,073 14,836 3,687 4,697 5,294 3,041 9,924 2,343 1,083 2,350 2,265 6,964 Deposits: Member bank reserves 25,914 919 6,951 864 1,420 1,218 1,809 4,300 735 654 1,113 1,324 4,607 U. S. Treasurer—general account 4,414 320 1,159 309 233 206 262 286 340 206 449 349 295 Foreign 342 14 1/105 16 29 17 22 50 11 7 14 17 40 Other 659 — 567 10 1 16 8 24 3 2 3 4 21 Total deposits 31,329 1,253. 8,782 1,199 1,683 1,457 2,101 4,660 1,089 869 1,579 1,694 4,963 Deferred availabilitv cash items 8,475 392 1,265 441 523 835 866 1,293 353 418 651 471 967 Other liabilities and accrued dividends 772 36 208 41 56 53 44 120 28 20 30 34 102 TOTAL LIABILITIES 100,133 4,754 25,091 5,368 6,959 7,639 6,052 15,997 3,813 2,390 4,610 4,464 12,996 CAPITAL ACCOUNTS Capital paid in 814 33 208 39 73 44 59 128 28 19 34 45 104 Surplus 793 34 207 39 72 42 55 124 27 18 33 43 99 Other capital accounts 375 15 100 17 28 28 20 62 13 8 14 17 53 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 102,115 4,836 25,606 5,463 7,132 7,753 6,186 16,311 3,881 2,435 4,691 4,569 13,252 Contingent liability on ace eptances purchased for forei• gn _ c_o?res_p_p.ndents 344 14 2/ 90 17 31 18 24 54 12 8 14 19 43 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 62,273 3,247 15,608 3,776 4,888 5,473 3,310 10,177 2,469 1,110 2,457 2,423 7,335 Collateral for F. R. notes: Gold certificate account 2,300 280 400 350 410 700 155 5 U. S. Government securities 61,665 3,010 15,850 3,500 4,700 5,115 3,500 9,900 2,380 1,130 2,500 2,480 7,600 Total collateral 63,965 3,290 15,850 3,900 5,050 5,525 3,500 10,600 2,535 1,130 2,500 2,485 7,600 1/ After deducting $ 237 million participations of other Federal Reserve Banks. 2/ After deducting $ 254 million participations of other Federal Reserve Banks. * Estimated (Philadelphia District). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis